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Debt (Tables) | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of September 30, 2015 (dollars in thousands):
Property |  | Principal Balance |  | Interest Rate |  | Maturity Date
Orlando Airport Marriott (1) |  | $ | 55,254 |  |  | 5.68% |  | January 2016
Chicago Marriott Downtown Magnificent Mile |  | 202,604 |  |  | 5.975% |  | April 2016
Courtyard Manhattan / Fifth Avenue |  | 48,480 |  |  | 6.48% |  | June 2016
Lexington Hotel New York |  | 170,368 |  |  | LIBOR + 2.25% (2.447% at September 30, 2015) |  | October 2017 (2)
Marriott Salt Lake City Downtown |  | 60,369 |  |  | 4.25% |  | November 2020
Hilton Minneapolis |  | 91,231 |  |  | 5.464% |  | May 2021
Westin Washington D.C. City Center |  | 69,250 |  |  | 3.99% |  | January 2023
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 29,679 |  |  | 3.96% |  | April 2023
Westin San Diego |  | 67,963 |  |  | 3.94% |  | April 2023
Courtyard Manhattan / Midtown East |  | 86,000 |  |  | 4.40% |  | August 2024
Renaissance Worthington |  | 85,000 |  |  | 3.66% |  | May 2025
JW Marriott Denver at Cherry Creek |  | 65,000 |  |  | 4.33% |  | July 2025
Total mortgage debt |  | 1,031,198 |  |  |  |  |
Senior unsecured credit facility |  | 25,000 |  |  | LIBOR + 1.75% (1.94% at September 30, 2015) |  | January 2017 (3)
Total debt |  | $ | 1,056,198 |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 4.50% |  |
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(1) | The loan was prepaid on October 9, 2015, three months prior to the scheduled maturity date.
(2) | The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee.
(3) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA | The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
Ratio of Net Indebtedness to EBITDA |  | Applicable Margin
Less than 4.00 to 1.00 |  | 1.75 | %
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 |  | 1.90 | %
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 |  | 2.10 | %
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 |  | 2.20 | %
Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 |  | 2.50 | %
Greater than or equal to 6.50 to 1.00 |  | 2.75 | %
Summary of the most restrictive covenants for senior unsecured credit facility | The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
|  |  | Actual at
| Covenant |  | September 30, 2015
Maximum leverage ratio (1) | 60% |  | 32.9%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 3.5x
Minimum tangible net worth (3) | $1.91 billion |  | $2.52 billion
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | 32.1%
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(1) | Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
(2) | Fixed charge coverage ratio is Adjusted EBITDA, defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.
(3) | Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

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